Have you ever mumbled to yourself that you’re never going to retire?
Then you’re not alone.
1/3rds of millennials in this world share same views about early retirement. Most of the Gen Y population believe that they don’t have enough money to retire early. But, early retirement is not impossible. The only key for a financially secured post-retirement life is planning.
How Accumulate Retirement Fund?
Even if the pessimistic souls are in depths of despair over early retirement, it can be achieved with just 3 principles.
- Your Investment amounts.
- Growth rate of your investment.
- Amount of time it has, to grow.
But, procuring the knowledge is not the essence, implementing is! Unfortunately, only a few people do this. To make this challenge easier for you, here are 6 tips for a financially secured retirement.
So, why wait? Understand them now & start implementing from today!
You can’t put the formula for financial success without a well laid plan. Financial success is a choice and a well-planned goal become your roadmap. Crafting a plan is investment. It improves efficiency.
Retirement Funds Calculator in India
Do you know the amount of money you need to live on in retirement? Let’s see how to calculate it. Depending on your plans for retirement, this number may vary. If you think you need a higher health coverage, you’ll need to fix for a higher number and if you are looking for a low-profile living, with a little amount spent on housing and stuff, your number can be lower.
Most of the people are tied to the tags of wealthy looking lifestyle. But, it’s just illusion. You can’t accumulate wealth by spending. This is violation. You don’t need to stop spending. But spend wisely. Invest money on something needful. Every time you spend a penny, remember that one soldier of yours is dead in the war of wealth.
Learn Before You Earn
You’ll live in a profitable environment, if you know what you’re doing. Investing in financial intelligence will pay you off for a lifetime. When you know where to invest and spend, reaching your goal becomes effortless.
Remember the third principle to accumulate wealth – Amount of time it has, to grow. If you’re thinking to wait for some years or at least a couple of years to start saving, you’re leaving half of the money on the table. Your asset grows 12% a year, for 2 years it’s a quarter of your whole savings. If you don’t start today, you’ll only accumulate 50 to 60 percent of the required wealth.
Extra Income Can be a Plus
If you don’t believe that you could save enough for retirement, we advise you to work for a better paying job or sign-up for a part-time job. But if you believe that you can meet the targeted trust fund number, make sure this extra amount goes into your savings.
To ensure a stable retirement, make right choices at the earliest. The list might stand tall but it’s doable. Use these strategies to educate yourself and win a wealthy & early retirement.